Should I refinance my student loans?

You can.

However, the cons may outweigh the pros.

Think about this, when you refinance any loan, you usually do it for a smaller interest rate. Student loans are usually hovering around 5%-6% already. Many refinancing products offer 4.95% (or around there). That isn’t much of a savings.

Another issue in refinancing your student loan is that you lose the ability to take advantage of programs Federal Loan Forgiveness. This can only be used when you have an actual student loan. You also lose access to repayment scaling for your income and other programs.

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